Switching payment processors is less work than most owners expect, and more worth it than most realize. The risk isn’t in the switch itself. It’s in the details people skip: a termination fee, a leased terminal, or a list of recurring customers whose cards are stored somewhere you can’t easily move.
This checklist walks through it in order: before you choose, before you sign, and on switch day.
Before you shop: know what you pay now
1. Pull 2–3 recent statements
You need full statements, not summary emails. Two or three months catch quarterly and annual fees that a single statement can miss.
2. Calculate your effective rate
Total fees ÷ total card volume, for each month. This is your baseline. What is a good effective rate? explains how to read it, and why the markup matters more than the total.
3. Identify your pricing model
Look for an interchange section (interchange-plus), words like “qualified” and “non-qualified” (tiered), or a single rate on everything (flat). Flat rate vs. tiered vs. interchange-plus shows how to tell.
4. List every fee
Monthly, annual, per-batch, PCI, statement, gateway. Hidden credit card processing fees has the list to check against.
Before you sign: check what you’re leaving
5. Read your current agreement
Find out:
- The term. When does it end?
- Auto-renewal. Did it already renew for another year or more?
- The cancellation fee. A flat early-termination fee, commonly $295 to $495 or more, or a “liquidated damages” formula based on the processor’s projected revenue.
- Notice requirements. Some agreements require written notice a set number of days in advance.
If you can’t find your agreement, ask your current processor for a copy. You’re entitled to it.
6. Do the termination math
A cancellation fee doesn’t automatically mean you should stay. Compare:
| Example | |
|---|---|
| Monthly saving from switching | $180 |
| Months left on current term | 14 |
| Saving if you switch now | $2,520 |
| Early-termination fee | $495 |
| Net benefit of switching now | $2,025 |
If the numbers favor waiting, put the end date in your calendar and switch then.
7. Check your equipment
- Do you own your terminals or lease them? A lease is usually a separate, non-cancellable contract with a leasing company. It continues even if you switch processors. Find out the remaining payments.
- Are your devices compatible with the new processor? Many Clover and other terminals can stay in place. Ask before you buy anything new.
- Is your POS software tied to a processor? Some POS systems only work with certain processors. Check with your POS provider or dealer.
8. Get the new offer in writing
Before you sign anything, get:
- The pricing model and every fee above cost, line by line (percentage, per-transaction, authorization, PIN debit, batch)
- Every monthly, annual and one-time fee
- The contract term and any cancellation fee
- Who owns the equipment
- When funds reach your bank
Compare in dollars per month on your own volume, not on a headline rate.
Plan the switch
9. Pick the right timing
- Avoid your busiest days. Switch early in a quiet week, not the Friday before a holiday weekend.
- Line it up with your billing cycle. Starting on a month boundary keeps statements clean.
- Give yourself overlap. Keep the old account open until the new one has processed and deposited successfully.
10. Handle recurring payments and cards on file
This is the step that causes the most trouble when it’s skipped.
- Make a list of every customer whose card you charge on a schedule or keep on file.
- Ask your current provider whether stored cards can be transferred securely to the new processor. Some will, some won’t, and it can take time.
- If a transfer isn’t possible, plan how you’ll collect cards again: a pay link, an email to each customer, or updating cards at their next visit or order.
- Don’t export card numbers yourself into spreadsheets or email. Card data should only move processor to processor, through a secure transfer.
11. Stay PCI compliant
PCI DSS is the card industry’s security standard. When you change processors, you’ll typically complete a new annual self-assessment questionnaire with the new provider. Doing it promptly is also how you avoid PCI non-compliance fees. Using hosted payment forms and processor-provided devices keeps more of your setup out of PCI scope.
12. Update everything that touches payments
- Online checkout or e-commerce plug-ins
- Invoicing tools and pay links
- Your POS settings, tips and receipts
- Accounting and reconciliation, since deposits will now come from a new source
- Staff training on any new device or screen
Switch day and after
13. Run a test
Run a small sale on each device and each payment channel (in person, keyed, online). Refund it. Confirm both show up correctly.
14. Watch the first deposits
Check that the first few days of deposits arrive on schedule and match sales minus fees and refunds.
15. Close the old account properly
Once the new account is working, send written notice to your old processor (following your agreement’s notice terms), and ask for written confirmation that the account is closed and no further fees will be charged. Check your bank account for stray debits for the next month or two.
16. Check the first full statement
Compare your first full statement to the quote. Every fee line should match what you signed. If anything looks off, ask right away.
The short version
| Stage | Do this |
|---|---|
| Before you shop | Statements, effective rate, pricing model, fee list |
| Before you sign | Term, auto-renewal, cancellation fee, equipment, new offer in writing |
| Plan | Timing, cards on file, PCI, everything that touches payments |
| After | Test, watch deposits, close the old account, check the first statement |
How switching to Mojo works
- Apply and upload statements. We read them line by line, build a pricing program from them, and return a quote within 24 hours showing every fee line, current next to proposed, and the card mix it’s based on. If we can’t lower your total, we’ll say so.
- We check your equipment and contract with you. In many cases you can keep your existing Clover or other compatible devices, and we’ll help you work out whether to switch now or at your term end.
- Apply. Most merchants are live in about 3 business days after approval.
- Manage it in the portal. Locations, team roles, recent payments and deposits matched line by line are all in the Mojo Payments portal.
Pricing is cost-plus underneath: interchange at cost, no tiers, no “non-qualified” surcharges, month-to-month, with no cancellation fee and no equipment lease. On top is a program built from your statement, with the lowest price on the payments you run most. Get your free statement review.
Frequently asked questions
How long does it take to switch payment processors?
The paperwork and approval usually take a few days. With Mojo Payments, most merchants are live in about 3 business days after approval. Plan a few extra days if you need new equipment or have recurring payments to move.
Will I have to pay an early termination fee?
It depends on your current contract. Many agreements have a term, an auto-renewal clause and a cancellation fee, commonly $295 to $495 or more. Read the agreement, and compare the fee to what you would save over the remaining months.
Can I keep my current card terminals?
Often, yes, if you own them and they are compatible with the new processor. Leased equipment is different: a lease is usually a separate contract that continues even after you switch processors.
What happens to customers' cards on file when I switch?
Stored cards are usually held by your current gateway or processor. Some providers will transfer them securely to a new one, and some won't. Ask both sides early, and plan how you will collect cards again if a transfer isn't possible.
This guide is general information, not legal or financial advice. Card-brand rules and state laws change, so confirm specifics for your business.